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SHELBY ELEC. CO., INC. v. FORBES

205 S.W.3d 448 (2005)

SHELBY ELECTRIC COMPANY, INC. v. Paul FORBES and Joseph Strain.

Court of Appeals of Tennessee, at Jackson.

December 29, 2005.

Attorney(s) appearing for the Case

Sharon L. Petty, Memphis, Tennessee, for the appellants, Paul Forbes and Joseph D. Strain.

Henry C. Shelton, III, Memphis, Tennessee, for the appellee, Shelby Electric Company, Inc.

OPINION

HOLLY M. KIRBY, J., delivered the opinion of the Court, in which W. FRANK CRAWFORD, P.J., W.S., and ALAN E. HIGHERS, J., joined.

This is an action to enforce a commercial guaranty. The defendants were both 25% shareholders in the plaintiff corporation. They each signed a guaranty on a $70,000 line of credit issued to the corporation. Subsequently, two other shareholders of the corporation drew down $50...

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